Bitcoin could lose trading above $60,000 amid risk aversion

Bitcoin declined on Thursday on track for the fourth loss in a row, plumbing week lows and almost trading below the psychological barrier of $60 thousand amid strong risk aversion. 

Higher US 10-year treasury yields hurt the risk sentiment in the markets as traders await more speeches by Fed officials to gather clues on the future of US interest rates. 

The Price

Bitcoin fell by $508, or 0.8% at Bitstamp to $60,634, with a session-high at $61,757, after losing 1.8% on Wednesday, the third loss in a row. 

Crypto Market Value 

Market value of cryptocurrencies fell by $20 billion on Thursday to $2.370 trillion as bitcoin and ethereum face aggressive selling pressures. 

US Yields 

US 10-year treasury yields rose by 0.4% on Thursday, extending gains for the second session and hurting risk appetite. 

The odds of a Fed 0.25% interest rate cut in June stood at 9%, and at 32% for July, and at 66% for September according to the Fedwatch tool.

Investors now barely expect two interest rate cuts this year, mainly in September and November.